Morgan Stanley has reaffirmed its Overweight rating on Hyundai, setting a target price of ₹2,261 per share, indicating a 39% upside from the current market price of ₹1,627.00.
The brokerage noted that Hyundai reported a weak set of earnings for Q3, impacted by a weaker export mix and an increase in domestic discounts post the festive season. However, Morgan Stanley maintains that the business is at a volume and model-cycle trough and expects the model-cycle to align with capacity expansion, which could drive growth in FY27.
Despite the near-term challenges, valuations appear supportive, making the stock an attractive long-term bet.
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